We learned recently that UK digital bank, Atom Bank, is exploring new funding that could lead to a possible sale to BBVA; BBVA already owns 40% of Atom’s shares; industry observers are wondering whether we will start to see a number of mobile app-based banks being picked off by the large incumbents; many of these new banks have added huge numbers of customers very quickly; but the industry is getting very competitive today; one analyst’s view: “There are too many [digital] banks in this space and I struggle to see how they will all be around in a few years.” Source.
